Despite the worse than expected non-farm payroll report last week, the U.S. labor market continued to absorb more workers.
Although, the number of people filing for unemployment benefits surged by 10,000 to 239,000 last week, according to the Labor Department report released on Thursday. Weekly benefits below 300,000 are considered a healthy labor market.
Accordingly, the less volatile four-week average dropped by 1,250 to 231,250, the lowest since March 1973. Meaning, there is a steady demand for workers as employers struggle to attract skilled workers.
Except for the hurricane disruption, hiring has been steady this year and the unemployment rate declined to 4.1 percent in October. The lowest since 2000.
“Claims taking procedures continue to be severely disrupted in the Virgin Islands. The ability to take claims has improved in Puerto Rico and they are now processing backlogged claims,” the Labor Department said.
The US dollar fell slightly across the board on Thursday, paring more than 60 percent of its weekly gain against the Euro to $1.1641 and $1.3131 against the pound.
